ECONOMICS: TAXATION

Discusses legal risks involved. Tax law. Liabilities of a tax practice. CPAs and lawyers as practitioners. Codes of conduct. Importance of maintaining good records. IRS Standards, and tax advice to clients. Written presentation of advice. Cases of negligence. Liabilities to tax practitioners from clients. Liability insurance; types of policies. Risk of lawsuits.

LEGAL RISKS IN SETTING UP A TAX PRACTICEIntroductionBanoff (1999), writing in Taxes, suggests that the practice of tax law in today’s... more

LEGAL RISKS IN SETTING UP A TAX PRACTICEIntroductionBanoff (1999), writing in Taxes, suggests that the practice of tax law in today’s economy is much like the dying tradition of sumo wrestling. This is because the typical tax practitioner (a lawyer or accountant) spends many years preparing for the profession (e.g., college degrees, an M.S.T., a J.D. or an LL.M. in Taxation) and may have devoted himself or herself (often fanatically) to constant training and study in order to become an expert at his or her craft...[which was becoming impossible because] Along with an increasingly complex world of tax law, the publication of numerous quarterly, monthly, weekly a

Compares the U.S. and Japan. Importance of corporate income taxation in the total tax structure of both countries. Discusses various approaches for comparing the role and importance of corporate income taxation. How the two countries differ in determining taxable income. Concludes that corporate income tax collections play a larger role in Japan's total tax structure than in the U.S.

COMPARING AND CONTRASTING THE CORPORATE INCOME TAX STRUCTURES IN JAPAN AND THE UNITED STATESIntroductionThis research compares and... more

COMPARING AND CONTRASTING THE CORPORATE INCOME TAX STRUCTURES IN JAPAN AND THE UNITED STATESIntroductionThis research compares and contrasts the corporate income tax structures in Japan and the United States. The following section discusses, compares, and contrasts the role and importance of corporate income taxation in the total tax structure of the two countries. Following consideration of the role of corporate income taxation in the total tax structure, specific aspects of the corporate income tax structure in the two countries are compared and contrasted.Comparing and Contrasting the Role and Importance of Corporate Income Taxation in the Total Tax Structure in Japan and the United States

IntroductionEstate planning is an activity which is often delayed or ignored entirely by individuals. For some, the very concept is itself... more

IntroductionEstate planning is an activity which is often delayed or ignored entirely by individuals. For some, the very concept is itself morbid, reminding the individual of their own mortality. Others assume that they do not have sufficient assets, or they lack heirs, to make estate planning worthwhile. Still others who could benefit significantly from estate planning simply do not understand the tax benefits that can result. Changes in tax law made in recent years offer increased benefit to those estates which implement trusts as part of their structure, and trusts can also help heirs avoid costly probate proceedings. This research considers the basics of estate planning and the tax consequences that follow.Estate PlanningEveryone has an estate

IntroductionProperty taxes can be a contentious economic issue for individuals and commercial interests, alike. Such taxes are levied only on... more

IntroductionProperty taxes can be a contentious economic issue for individuals and commercial interests, alike. Such taxes are levied only on those who have achieved at least a minimum level of wealth (since they are able to purchase the property being taxed), and failure to pay property taxes can result in the loss of the property itself. It is therefore in the self-interest of individuals and organizations subject to property tax to pay as little as possible. At the same time, however, property taxes are a primary source of revenue for most municipalities, and politicians are eager to ensure that they receive the maximum benefit from this type of taxation while appearing to have an equitable strategy in place (since taxes are always an issue at election time). Add to the mix the need both to attract businesses to municipalitie

Examines history of investment tax credit, origins in the Kennedy administration, modifications in the 1992 campaign, and various economists' perceptions of the viability of the tax.

The recent presidential election hinged very much on economic issues, and both candidates focused on economic matters in differing degrees. This... more

The recent presidential election hinged very much on economic issues, and both candidates focused on economic matters in differing degrees. This discussion involved several themes, notably rebuilding the weak economy and addressing the issue of the deficit at the same time. Whether this is even possible or not is uncertain. A theme in the Democratic candidates' campaigning was a change in tax policy, and here again there were several specific strands to this theme. The candidate called for increased taxes on the wealthy and reduced taxes on the middle class. He called for the use of the investment tax credit as part of an overall tax reform package. The tax policies promoted by Bill Clinton are reminiscent of the tax policies of John F. Kennedy in 1960, and the consequences for Kennedy were business mistrust and uncertainty such as is already being seen by Clinton

COMPARING & CONTRASTING THE TAX STRUCTURES IN CANADA & THE UNITED STATESExecutive SummaryThe tax structures of Canada and the United... more

COMPARING & CONTRASTING THE TAX STRUCTURES IN CANADA & THE UNITED STATESExecutive SummaryThe tax structures of Canada and the United States were compare and contrasted. Canada and the United States have in place a negotiated tax treaty. The treaty covers taxation on income and capital. Both Canada and the United States levy taxes on the bases of both residence and source income. The tax treaty between the two countries, however, governs the applicability of taxes to source income, as well as defining source income. The tax treaty provides for credits against taxes levied against citizens residing in the other country for income taxes paid in the other country.The income tax is the primary revenue source at the fed

Indirect impact of free trade treaty on U.S. taxation, based on member parties' negotiation of separate bilateral tax treaties.

NAFTA IMPACT ON US TAXATIONExecutive SummaryThe impact of the NAFTA on United States taxation related to international transactions was... more

NAFTA IMPACT ON US TAXATIONExecutive SummaryThe impact of the NAFTA on United States taxation related to international transactions was examined. The NAFTA is not a tax treaty, and taxation is not addressed in the treaty. The signatory nations to the NAFTA, however, renegotiated bilateral tax treaties subsequent to the implementation of the treaty to address taxation issues that were affected by the provisions of the treaty.The impact of the NAFTA on United States taxation related to international transactions, therefore, was inferred on the basis of the comparison of tax treaties between Canada and the United States and between Mexico and the United States in existence prior to the ratification of the NAFTA with protocols of those treaties n

IntroductionElectronic commerce is rapidly becoming a common way for individuals to transact business with companies located both locally and throughout the world. Retailers recognize the potential of electronic commerce and respect the low overhead that it commands (by reducing the need for a physical presence); consumers respond to the convenience and the often low prices which are offered on the Internet. Government agencies also recognize the potential of electronic commerce in the tax revenues which such commerce represents. Tax laws were designed for a traditional manufacturing society where companies had clear physical presence in a particular location; these laws are difficult to apply to el

This research paper examines the potential advantages and disadvantages from a public... more

PROS AND CONS OF FLAT TAXES AND SALES TAXES

This research paper examines the potential advantages and disadvantages from a public policy standpoint of various types of consumption-based taxes which have been proposed to remedy the deficiencies of the current federal tax system. A flat tax, rigorously applied, would be far superior to the present system because it would be simpler, fairer, a more efficient way of collecting public revenues and consistent with optimizing economic growth. However, it would benefit disproportionately higher income individual taxpayers, certain property owners and business generally and impose crushing burdens on lower income and many middle income taxpayers who depend on personal services income for maintaining their way of life and who consume most of

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